TIDMNBNK
RNS Number : 1918Y
NBNK Investments PLC
13 May 2016
NBNK Investments plc
("NBNK" or "the Company")
Audited results for the period ending 31 December 2015
NBNK Investments plc (AIM: NBNK) announces its audited results
for the period ending 31 December 2015.
The following is an extract from the Company's financial
statements which will be posted to shareholders on or around 18 May
2016.
Chairman's review
We have continued to maintain the Company at low cost while
appropriate opportunities have been sought to make an acquisition
in accordance with the Company's investment policy. During the
fourth quarter of 2015, we were in continuing discussions with
certain businesses that we felt might make suitable acquisition
targets. As a result, on 7 January 2016 we informed shareholders
that the board had resolved to extend until 11 April 2016 the point
at which the directors would consider if it was appropriate to
return unused funds to shareholders and/or to wind up the Company.
On that date, we confirmed that the further negotiations with
potential targets had not produced an acquisition proposition
capable of being recommended to shareholders for approval. As a
consequence, the directors resolved that it was appropriate to
return unused funds to shareholders and/or to wind up the Company.
Detailed consideration has begun into the most cost effective and
timely way to achieve this.
Consequently, the annual report and financial statements for the
period to 31 December 2015 have been prepared on a wind-up
basis.
On behalf of the board, I would like to thank shareholders for
their support. Some shareholders have been with the Company since
inception, others joined more recently, but all have been very
supportive of the mission that NBNK set out to achieve. The board
and I are disappointed that we were unable to deliver an
acquisition that would have fulfilled the Company's investing
policy and given value to shareholders.
Stephen L. Johnson
Chairman
Business review
The Company was incorporated on 2 July 2010 as De Facto 9999
Plc. On 2 August 2010, it changed its name to NBNK Investments plc.
The directors of the Company are:
Stephen L. Johnson;
Lord Brennan of Bibury, QC.
The Company's objective has been to try and make a significant
acquisition in the European financial services sector. It raised a
significant sum from shareholders for this purpose and the
directors were engaged throughout 2015 in seeking acquisition
opportunities to meet its objective. The reported remit was that,
if this objective was not met by 11 January 2016, then the
directors would consider whether it was appropriate to return
unused funds to shareholders. Although a brief extension to that
timetable was agreed and announced by the directors, discussions
with remaining potential acquisition targets did not progress
satisfactorily and accordingly, on 11 April 2016, the Company
announced that, there being no reasonable prospect for a successful
acquisition, in line with the Company's investing policy the
directors had resolved to return unused funds to shareholders.
A further announcement on the manner in which this will be
achieved will be made in due course.
Financial results
Income statement
for the year ended 31 December 2015
Year ended Year ended
31 December 31 December
2015 2014
GBP000 GBP000
------------------------------------ -------------- --------------
Interest income 49 50
Administrative expenses (320) (251)
Operating loss (271) (201)
Decrease in fair value of
derivative financial liabilities - 19
Loss before taxation (271) (182)
Taxation - -
------------------------------------ -------------- --------------
Loss for the year (271) (182)
------------------------------------- -------------- --------------
Earnings per share (pence)
basic (0.005) (0.004)
------------------------------------- -------------- --------------
Statement of financial position
as at 31 December
2015 2014
GBP000 GBP000
----------------------------------- ---------- ----------
Current assets
Accrued income and prepaid
expenses 8 9
Cash and cash equivalents 19,744 20,013
------------------------------------ ---------- ----------
Total current assets 19,752 20,022
------------------------------------ ---------- ----------
Total assets 19,752 20,022
------------------------------------ ---------- ----------
Current liabilities
Trade and other payables 48 47
Derivative financial liabilities - -
Total current liabilities 48 47
------------------------------------ ---------- ----------
Total net assets 19,704 19,975
------------------------------------ ---------- ----------
Equity
Called up share capital 5,377 5,377
Share premium 43,129 43,129
Capital redemption 45 45
Retained losses (28,847) (28,576)
------------------------------------ ---------- ----------
Total equity 19,704 19,975
------------------------------------ ---------- ----------
Statement of cash flows
for the year ended 31 December 2015
Year ended Year ended
31 December 31 December
2015 2014
GBP000 GBP000
--------------------------------- -------------- --------------
Operating activities
Operating loss before taxation (271) (182)
Decrease in fair value
of derivative financial
liabilities - (19)
Decrease in receivables 1 2
Increase in payables 1 5
Cash flow from operating
activities (269) (194)
---------------------------------- -------------- --------------
Net decrease in cash and
cash equivalents (269) (194)
---------------------------------- -------------- --------------
Cash and cash equivalents
at 1 January 20,013 20,207
---------------------------------- -------------- --------------
Cash and cash equivalents
at 31 December 19,744 20,013
---------------------------------- -------------- --------------
Statement of changes in equity
for the year ended 31 December 2015
Share Share Capital Accumulated
capital premium redemption losses Total
GBP000 GBP000 GBP000 GBP000 GBP000
----------------------- ---------- ---------- ------------- ------------- ----------
Total equity
as at 1 January
2015 5,377 43,129 45 (28,576) 19,975
Net loss and
total comprehensive
loss for the
year - - - (271) (271)
Total equity
as at 31 December
2015 5,377 43,129 45 (28,847) 19,704
----------------------- ---------- ---------- ------------- ------------- ----------
Annual General Meeting
The Annual General Meeting of the Company will be held on
Tuesday 21 June 2016 at 2.00 p.m. at Fifth Floor, 100 Wood Street,
London, EC2V 7EX.
Status of the information contained in this announcement
The financial information set out above does not constitute the
Company's statutory accounts for 2015. Statutory accounts for the
period ended 31 December 2015 and 31 December 2014 have been
reported on by the Independent Auditors.
The Independent Auditors' Report on the Annual Report and
Financial Statements for 2015 was unqualified, and included the
following emphasis of matter:
Without modifying our opinion on the financial statements we
draw your attention to the disclosures made in the financial
statements concerning the company's decision to wind up the company
and the basis on which the financial statements have been prepared.
As it is the directors' intention to wind up the company, the
financial statements have not been prepared on a going concern
basis.
The Independent Auditors' Report on the Annual Report and
Financial Statements for 2014 was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a
statement under 498(2) or 498(3) of the Companies Act 2006.
The statutory accounts for the period ended 31 December 2015
will be circulated to shareholders on or around 18 May 2015 and
will be published on the Company's website. They will be delivered
to the Registrar in due course.
The financial information in this announcement has been prepared
using the recognition and measurement principles of International
Accounting Standards, International Financial Reporting Standards
and Interpretations adopted for use in the European Union
(collectively Adopted IFRSs). The accounting policies adopted in
this announcement have been consistently applied and are consistent
with the policies used in the preparation of the statutory accounts
for the period ended 31 December 2014, save that the statutory
accounts for the period ended 31 December 2015 have not been
prepared on a going concern basis.
- Ends -
For further information contact:
Cenkos Securities plc
(Nominated adviser and broker)
Ian Soanes
Ivonne Cantu +44 207 397 8900
Law Debenture Corporate Services Limited
(Company Secretary)
Ian Bowden +44 207 696 5285
This information is provided by RNS
The company news service from the London Stock Exchange
END
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